Tr?id=566623520170033&ev=PageView&noscript=1

Oklahoma Adopts Best Interest Annuity Rule

Posted on July 20th, 2023 at 1:14 PM
Oklahoma Adopts Best Interest Annuity Rule

From the desk of Jim Eccleston at Eccleston Law 

Oklahoma joins 39 other states including Illinois, Georgia, Washington, Florida, Tennessee, Kansas, Oregon, and Wyoming by finalizing a best-interest rule for annuities. The new rule is based on the standard set by the National Association of Insurance Commissioners, which seeks to align annuity rules with Reg BI.

The NAIC’s model offers states a template to create requirements aligning the regulation of annuity sales and recommendations with the federal regulation of securities by the Securities and Exchange Commission’s Regulation Best Interest rule. Like Reg BI, the NAIC model states that agents are not allowed to place their own financial interests ahead of clients, but does not mandate a fiduciary standard.

Sarah Wood, the Insured Retirement Institute director of state policy and regulatory affairs, explains: “When there’s an understanding of what the compliance expectations are
going to be and what they need to do to meet the requirements under the law, that’s beneficial for consumers and producers.” “Having that clarity, that consistency, when it comes to compliance is crucial.” 

According to Wood, California, Utah, and New Hampshire all could finalize their state rules before the end of the year.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

 

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

If the regulators are after you, and are trying to make a case against you, and you are going to contest their allegations against you, make sure you have the best securities industry defense lawyers, Eccleston Law Firm. My case was spun into a combination of penalties including fines, cash settlements, CE courses and suspension. They were the best I have seen in action. When all was said and done, they had done their magic, my situation was negotiated and settled with a simple "letter of caution" and a case closed without action. It is the most important legal business decision you will ever make, make it Eccleston Law.

Rick R.

LATEST NEWS AND ARTICLES

1794596228 Law
November 13, 2026
Snowden Lane Partners to Pay $364,590 Over Undisclosed Conflicts and Misleading Client Agreements

Snowden Lane Partners will pay $364,590 to settle Securities and Exchange Commission (SEC) charges that it failed to disclose compensation arrangements tied to client cash sweep investments and margin loans.

1794509056 Law
November 12, 2026
SEC Issues its 2026 Enforcement Report

The Securities and Exchange Commission (SEC) filed 348 enforcement actions in fiscal year 2026, including 235 standalone actions and 113 follow-on administrative proceedings.

1794418115 Law
November 11, 2026
Morgan Stanley Develops AI Super Agents to Build Portfolios and Manage Client Accounts

Morgan Stanley is developing AI-powered "super agents" that could eventually build investment portfolios, manage client accounts and handle many of the routine tasks that wealth management professionals perform today.